Choosing to self build can be great. You will be able to get the home you’ve always wanted and can be involved in every stage of the process if you’d like to be.
But when you’re looking at self build homes in the UK there are a number of things you need to consider, from the construction methods you’re going to use to the materials you’ll need. One thing you shouldn’t forget about is arranging the right insurance policy to cover you during the project.
Planning & Building Control Today recently shared some advice on the type of insurance policies you need to have in place.
The news provider pointed out that people who are using contractors for some or all of the work can mistakenly believe that they’re covered because the contractors will have public liability insurance. However, this won’t cover anything that might happen to your property outside the work, such as damage caused by storms, fires, floods or other accidents.
A contractor’s public liability insurance also won’t cover you in the event that you damage a neighbour’s property, or cause an injury to someone.
There is, however, an insurance policy designed to cover self builders. It’s known as site insurance and will typically cover “all risks of physical loss or damage”, the news provider explained.
To give you further peace of mind once the building work is complete, you can also take out a structural warranty, which is “a policy which covers houses against defects during the design process; materials used and can also protect against the craftsmanship itself causing major damage”.
A recent article in Business Mole also pointed out that many mortgage providers will require you to have appropriate insurance in place for the duration of your self-build project before they will loan you any money to do the work.